The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.
1147 ET - Investors question if the rules for bitcoin have changed, says Zach Pandl with Grayscale in a note Wednesday. There's two ways to evaluate how bitcoin has moved, he says. One is using the so-called "four-year cycle" -- a pattern persistent since the early days of bitcoin- where prices typically rise ahead of and after bitcoin experiences a "halving". A "halving" is when rewards from a mined bitcoin block are cut in half from their prior amount. The last halving happened in 2024, reducing the reward per mined block to 3.125 BTC. Pandl notes that bitcoin may not be moving along that cycle anymore, instead moving more like a typical asset. "If macro factors are in the driver's seat, bitcoin's price could bottom when these macro factors turn around," says Pandl. (kirk.maltais@wsj.com)
1145 ET - Super Micro Computer's recent business update--in which it sharply raised its gross margin outlook for the quarter--provides a much-need reprieve, given recent headlines regarding export circumvention to China in May, and the more recent announcement of the detention of four employees related to an investigation in early July by Taiwanese authorities, Raymond James analysts say in a research note. The analysts are encouraged by the company's recent momentum, but they opt to leave their estimates unchanged until they hear more. "We suspect supply constraints around memory and other components will remain bottlenecks in the immediate term, and the timing around revenue recognition remains uncertain." (connor.hart@wsj.com)
1143 ET - A difficult consumer backdrop in Canada will likely continue to weigh on food and drug retailers. UBS analysts say "Canadian food and drug retailers are likely to report mixed results as consumers faced further macro pressures in 2Q," despite grocery inflation easing. They say that even if the grocers' internal inflation moderated, "it was still enough to pressure consumers, especially alongside rising gasoline prices. For Loblaw, UBS analysts think this will lead to a low single-digit same-store sales growth, while Metro will likely be hit even harder, showing contraction. Pharmacy may be a bright spot for them, however, supported by specialty medications and GLP-1 growth. "Simply put, the sector isn't seeing as much growth in mouths to feed," the analysts say. (adriano.marchese@wsj.com)
1137 ET - Wedbush analysts didn't expect Super Micro Computer to sharply increase its gross margin outlook late Tuesday. That being said, they postulate that the raise stemmed in part from a supply-demand imbalance. "Super Micro likely was able to take advantage of scarcity to more favorably price products and/or shift customers to a richer mix of servers," the analysts say in a research note. If that is the case, the upside might stick around, and Super Micro might be able to produce "meaningfully better" gross margins and per-share earnings for the next several quarters, the analysts write. Shares pop nearly 25%. (connor.hart@wsj.com)
1134 ET - Super Micro Computer's recent business update came as a pleasant surprise to investors on two fronts, JPMorgan analysts say in a research note. The artificial-intelligence server firm late Tuesday sharply raised its gross margin outlook for the current quarter, for one. And it also guided for higher-than-expected orders, the analysts say. The updates were well received on Wall Street, with Super Micro's stock up 25%. Peers including Dell Technologies and Hewlett Packard Enterprise also got a boost, up 9.3% and 5.2%, respectively. The question now is how long the growth can last, the analysts say: "Heading into the earnings call on August 11th, we would expect investors to focus on the sustainability of these margins, particularly given the ever-present overhang associated with memory headwinds." (connor.hart@wsj.com)
1122 ET - 3M's 2Q earnings report is proof that management's efforts to boost growth are starting to show results, UBS analysts said in a research note. Organic growth accelerated to 5.4%, which the firm said is the company's best quarterly performance in five years. UBS added that the growth is only in its beginning stages. The analysts said sustainable growth is thanks to 3M's investment in its new product innovation engine. UBS raised its price target on the stock to $218 from $190. Shares rise 1.2% to $172.94. (grace.yoon@wsj.com)
1051 ET - Gold prices extend gains, supported by a softer U.S. dollar and technical buying as investors closely watch developments in the Middle East. "We expect markets to remain headline-driven in the near term," analysts at Sucden Financial say. "Any credible de-escalation would ease pressure on yields and the dollar, but as long as oil stays elevated, the market is likely to keep an inflation premium embedded in rates despite the recent softer CPI print." In early U.S. trading, New York gold futures rise 2% to $4,156.10 a troy ounce. Meanwhile, silver is up 2.5% to $60.61 an ounce and platinum gains 1.3% to $1,659.20 an ounce. (giulia.petroni@wsj.com)
1040 ET - Dubai leads most major Gulf exchanges lower, while Saudi Arabia rises. Saudi Arabia bucks the regional trend, supported by gains in banking shares following strong second-quarter profits from major lenders. Saudi Arabia's Tadawul All Share Index rises 0.7%. The Dubai Financial Market General Index falls 0.5%, Qatar's QE Index drops 0.4% and Abu Dhabi's benchmark index loses 0.1%. S&P Global Market Intelligence says that the U.S. and Iran appear to be entering a period of sustained confrontation, below the threshold of full-scale war, which increases risks to shipping and energy flows through the Strait of Hormuz. It says the recovery in Hormuz traffic has stalled and military exchanges remain a key driver of near-term economic and financial prospects. (farhan.rafid@wsj.com)
1037 ET - Apotex could find itself in a bind after President Trump's threat to impose tariffs up to 200% on generic drugs made outside the U.S. Apotex, which recently went public, is down about 10% at C$35.72 as Trump says the levies would begin at 100% in August 2028 and rise a year later, giving drugmakers time to shift manufacturing. The plan targets generic medicines largely produced in India and China. Most of Apotex's production is in Canada, with additional facilities in Mexico and India, and only two U.S. sites focused on warehousing, distribution and its U.S. affiliate headquarters. (adriano.marchese@wsj.com)
1036 ET - Bitcoin is down 1.2% to $65,613, after climbing over $66,000 for the first time since early June yesterday. Inflows continue to be seen for bitcoin ETFs, according to data from CoinGlass -- with $203.2 million in inflows in those ETFs yesterday. That makes it six straight days that bitcoin ETFs have seen net inflows, which is encouraging after weeks of net outflows. But the amount of money that's come back to ETFs isn't meaningfully changing the fundamental outlook for bitcoin, says Li Xing of Exness in a note. "The recovery remains modest in a broader context, with July's inflows still well below the combined $6.9 billion of net outflows recorded during May and June," says Xing. (kirk.maltais@wsj.com)
1009 ET - More than half--53%--of U.S. residents oppose the construction of an AI data center in their neighborhood, Redfin says. Roughly one-third, or 34%, support it. AI data centers are controversial largely because they reportedly strain electricity and water resources, which can push up energy costs and spark environmental concerns. They can also disrupt communities with noise and large, industrial-looking structures. For some people, AI data centers also represent broader fears about AI: 58% of U.S. residents believe that advances in AI will eliminate jobs and make it harder to afford homes. Real-estate agents say concerns about nearby data centers are becoming increasingly common among homebuyers. Older generations are more likely to oppose data centers in their area. (chris.wack@wsj.com)
1006 ET - GE Vernova raised its full-year free cash flow outlook to between $11.5 billion and $12.5 billion, up from $6.5 billion to $7.5 billion, after a slew of slot reservations for its gas-powered equipment in 2Q. The company says slot reservation agreements grew to 116 gigawatts from 100 gigawatts, and are now on track to hit 125 gigawatts by the end of the year. Year-to-date, the company has generated about $10 billion in free cash flow which is 2.5 times more than it did in 2025, CEO Scott Strazik says on a call with analysts. "We expect our free cash flow in the first half of the year to be substantially higher than the second half, as many of these slot reservations convert to orders," CFO Ken Parks says on the same call. (dean.seal@wsj.com)
(END) Dow Jones Newswires
July 22, 2026 11:47 ET (15:47 GMT)
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